Various - hands up gold (german edition)

Unlike exchange-traded funds or commodities, in the case of vaulted gold no financial instrument or security is put between the investor and the physical gold. Buyers of vaulted gold acquire direct ownership in gold. Buyers of structured products, which are based on the price of gold, acquire a claim against the issuer of the product, but no outright ownership in gold. Exchange traded funds (ETF) or exchange traded commodities (ETC) can be backed by vaulted gold. [2] In legal terms, the position of an owner of such shares with regards to the physical gold is very different from the one of an owner of outright vaulted gold.